Bitcoin remained near the $65,000 level on Friday as crypto markets moved higher despite a sharp increase in crude prices, with Brent oil approaching $100 per barrel amid ongoing geopolitical tensions involving Iran.

The digital asset market closed the week with a stronger tone, as Bitcoin climbed as much as 1.1% from the start of the UTC session to $65,760. The move highlighted crypto’s ability to hold steady despite a macro environment that could have pressured risk assets.

Brent crude futures reached $97.66 per barrel, marking their highest level since May, as the Iran conflict continued without meaningful signs of resolution. Although past oil spikes have often triggered declines across cryptocurrencies and other speculative assets, digital markets remained broadly positive.

Ethereum tracked Bitcoin’s move higher, gaining as much as 1.6%, while tokens such as Hyperliquid and Fetch.ai advanced by more than 2%.

Outside crypto, traditional markets were mostly calm. S&P 500 and Nasdaq 100 futures posted slight gains, gold continued trading above $4,000, and the U.S. Dollar Index slipped marginally.

Derivatives market reflects mixed sentiment

Crypto derivatives activity increased, though the data suggested traders were rotating positions rather than aggressively adding new exposure. Trading volume rose 11% over the previous 24 hours to $165 billion, while total open interest remained largely unchanged near $116 billion.

Dogecoin showed increasing bearish pressure as DOGE futures open interest approached 16 billion tokens, the highest level since October. This occurred while DOGE’s spot price remained weak after falling to its lowest point since November 2023. The combination of rising open interest and declining prices typically indicates traders are positioning for further downside.

Ethereum derivatives showed a more complicated picture. ETH futures open interest climbed to 14.53 million ETH, the highest since June 7. However, market indicators were split, with positive funding rates suggesting buyers remained active while negative 24-hour cumulative volume delta (CVD) showed sellers dominating market-order activity.

Most major cryptocurrencies recorded negative 24-hour CVD readings, with only TRX and CRO avoiding the broader selling trend.

Volatility indicators provided some encouragement for bulls. Bitcoin’s 30-day implied volatility measure declined 3% to 39%, ending a five-session rise. Ethereum’s implied volatility also moved lower.

In the Bitcoin options market on Deribit, traders built a significant concentration of open interest around $70,000-$72,000 strike prices, totaling about $5 billion. The positioning was largely driven by call options, with additional bullish interest appearing around $77,000 and $80,000 strikes.

Altcoins deliver selective gains

Hyperliquid remained the strongest performer among major altcoins for a second consecutive session, rising 2.4% to $58.93 as it continued recovering from its July pullback.

AI-related cryptocurrencies also showed early signs of stabilization. Fetch.ai gained 2.23%, while NEAR Protocol rose 1.38% after a period of underperformance. DeFi token Morpho added 1.89%, extending its recent strength.

World Liberty Financial declined 2.13%, reversing part of Thursday’s 12% jump. The token continues to experience sharp price swings due to relatively limited liquidity.

Lighter fell another 1.32%, extending a correction that has erased nearly 20% from its July peak after a rally exceeding 200% from May through early July.

While Bitcoin and several major tokens showed resilience, the broader market remained uneven. WLFI, AVAX, HBAR, and SUI all posted losses between 4% and 10% over the past 24 hours, indicating that weakness persists across parts of the altcoin sector.